1. Khalifa Port Container Terminal Phase II in Abu Dhabi, UAE
DBS was the Mandated Lead Arranger and Structuring Bank for long term loan financing of the Project
DEAL SUMMARY
COSCO Shipping Ports as the Project Sponsor entered into a 35 year (with an option to extend for 5 years) concession agreement with Abu Dhabi Ports Company PJSC for the construction and development of Container Terminal Phase II at Khalifa Port in Abu Dhabi, UAE.
DBS acted as the Mandated Lead Arranger and Structuring Bank for long term loan facility for the development of the Container Terminal Phase II.
The facility was structured as long term loan facility with moratorium on principal repayment.
PROJECT DATA
Location
Abu Dhabi, UAE
Project Sponsor
COSCO Shipping Ports
Capacity
2.4 million TEU per annum
Expected Capital Expenditure (in present value terms)
~USD 322 million
Funding Mix
65: 35
Concession
35 year concession (with an option to extend for 5 years) with Abu Dhabi Ports Company PJSC
NOTEWORTHY FEATURES
This is one of the key projects under ‘Belt and Road Initiative’ for COSCO.
The Phase 2 terminal with 2.4m TEU capacity is expected to serve international container shipping liners in the region.
RELEVANCE OF THIS TRANSACTION
The facility size and its repayment was structured to meet the client’s requirement, to allow for the construction period and ramp up in volumes.
One of the first project finance transactions for DBS in the Middle East, the Project shows our capability to move with our clients to new geographies.